cancel
Showing results for 
Search instead for 
Did you mean: 

Opening Cards and Credit Score Impact - HELP!

tag
Anonymous
Not applicable

Opening Cards and Credit Score Impact - HELP!

Well, I got my scores up to 756 TU, 711 EQ (student loans have not reported to EQ in 4 months... wierd) and 625 EX. I am hoping Experian will be over 700 tomorrow with my last baddie going away. After this I plan on just building with what I have, but I have a dillemma - 

 

I pulled the trigger and applied for a mortgage. I got approved immediately. The mortgage guy said to not make any major changes or apply for new credit. I can do that... BUT - I have 2 credit cards not reporting yet, a 3rd on the way that I have NOT activated yet, and a pending application for a Chase Slate. Also, I have 2 PENFED lines of credit not reporting yet. Based on the numbers below, can anyone tell me what MIGHT happen to my score? I don't think the score simulator is correct in saying I will drop down 50 points for opening a single new card.

 

AAoA - 21 months

Most Recent Account - 1 month

Oldest Account - 7 years (my student loans)

2 car loans opened in February

1 credit card opened in April reporting at 0% util - $1500 limit

0 lates or derogs (except EX)

 

NOT on my report YET - 

 

CU CC - $1000 limit, will report at 0% util, opened this month

CapOne QS1 - $300 limit, will report at 0% util - opened this month

CreditOne Platinum - $300 limit, will report at 0% util - in the mail

PenFed OLOC and PLOC, $500 and $1000 respectively, total 40% used

Possible Chase Slate - not sure yet. Should I not open this? I am thinking not

 

SO, is this going to kill my scores? My mortgage score was 692, which he said was very good. My credit is already VERY new... and the hard inquiries are already on my reports.

 

Help!

Message 1 of 6
5 REPLIES 5
Anonymous
Not applicable

Re: Opening Cards and Credit Score Impact - HELP!


@Anonymous wrote:

Well, I got my scores up to 756 TU, 711 EQ (student loans have not reported to EQ in 4 months... wierd) and 625 EX. I am hoping Experian will be over 700 tomorrow with my last baddie going away. After this I plan on just building with what I have, but I have a dillemma - 

 

I pulled the trigger and applied for a mortgage. I got approved immediately. The mortgage guy said to not make any major changes or apply for new credit. I can do that... BUT - I have 2 credit cards not reporting yet, a 3rd on the way that I have NOT activated yet, and a pending application for a Chase Slate. Also, I have 2 PENFED lines of credit not reporting yet. Based on the numbers below, can anyone tell me what MIGHT happen to my score? I don't think the score simulator is correct in saying I will drop down 50 points for opening a single new card.

 

AAoA - 21 months

Most Recent Account - 1 month

Oldest Account - 7 years (my student loans)

2 car loans opened in February

1 credit card opened in April reporting at 0% util - $1500 limit

0 lates or derogs (except EX)

 

NOT on my report YET - 

 

CU CC - $1000 limit, will report at 0% util, opened this month

CapOne QS1 - $300 limit, will report at 0% util - opened this month

CreditOne Platinum - $300 limit, will report at 0% util - in the mail

PenFed OLOC and PLOC, $500 and $1000 respectively, total 40% used

Possible Chase Slate - not sure yet. Should I not open this? I am thinking not

 

SO, is this going to kill my scores? My mortgage score was 692, which he said was very good. My credit is already VERY new... and the hard inquiries are already on my reports.

 

Help!


Pay off the PenFed immediately so it doesnt report with 40 percent used, pay off 39 percent....also let your loan officer know...

Message 2 of 6
CatOfSpades
Frequent Contributor

Re: Opening Cards and Credit Score Impact - HELP!

If the inquiries are already on your report, then having the accounts show up as opened wouldn't hurt you there. The thing that will hurt some is your AAoA going down, but it shouldn't go down to the tune of 50 points. That doesn't sound right. In any case, I have found mortgage officers to be pretty reasonable. Usually once you get pre-approved they lock in that rate for a specific amount of time - that was the case with me. So as long as you buy something in that time period you should okay. And you can also explain to him, if he asks, that you applied for the cards before getting approved for the mortgage. It should be fine as long as you don't go on a spending spree for the new house. Smiley Happy

♠Queen of Spades♠
Apple Card MC $10,000
BofA Cash Rewards VS $10,000
5/3 Cash/Back WEMC $10,000
Discover IT $7,500
Message 3 of 6
Anonymous
Not applicable

Re: Opening Cards and Credit Score Impact - HELP!

Depends on how many older accounts you have. If you have a lot of old accounts the AAoA won't take a big hit. But if you only have a few then it might take a big hit. A really big hit can drop scores a lot
Message 4 of 6
Anonymous
Not applicable

Re: Opening Cards and Credit Score Impact - HELP!

Thank you guys and ladies for your input during my mini freakout haha. I talked to the loan officer and he said 1. My AAoA is based on all new accounts anyways, AND it's only 2 years at this point... and 2. My credit check is good for 90 days and they won't run another one unless we apply for a house outside of tha timeframe. He said they do their underwriting up front, just to not go and get charge offs collections or judgements in the meantime.

 

On the other hand, I am really digging Quicken and their RocketLoan program!

Message 5 of 6
RonM21
Valued Contributor

Re: Opening Cards and Credit Score Impact - HELP!

Good that it worked out it seems. IT's a good thing the underwriting was upfront.


Total CL: $321.7kUTL: 2%AAoA: 7.0yrsBaddies: 0Other: Lease, Loan, *No Mortgage, All Inq's from Jun '20 Car Shopping

BoA-55k | NFCU-45k | AMEX-42k | DISC-40.6k | PENFED-38.4k | LOWES-35k | ALLIANT-25k | CITI-15.7k | BARCLAYS-15k | CHASE-10k

Message 6 of 6
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.